Blockchain Startup ArabianChain Nets $817k from New Investor
Array

Blockchain Startup ArabianChain Nets $817k from New Investor

-

- Advertisment -

ArabianChain, a United Arab Emirates-based public blockchain startup, has reportedly received AED3m ($817,000) from a private investor to further its operations.

As reported by Gulf Business, the notable investment came from Ahmad Abdullah Bugshan, currently the vice president of Saudi Arabian telecoms firm, House of Invention International. Among other roles, the investor is also a board member of Arabian Bugshan, the holding company of a major conglomerate operating in the Middle East and North Africa.

Bugshan told the news source:

“I believe that the region will lead the way when it comes to blockchain, and ArabianChain is well-positioned to drive innovation and adoption of this disruptive technology.”

Founded in February 2016 by Mohammed Alsehli, ArabianChain is developing a public blockchain platform to drive applications focusing on Islamic banking and government services – an effort linked to a broader Dubai initiative to secure all government documents on a blockchain by 2020.

Notably, ArabianChain is one of few domestic startups to take part in the planned overhaul. International firms involved in the effort include ConsenSys and RSK Labs.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in RSK Labs.

Dubai image via Pete Rizzo for CoinDesk


The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].

Source link

Latest news

Buy VPS With Bitcoin: The Top 10 List

In this article, we list the Best web hosting providers you can buy VPS with bitcoin. All...

5 of the Best Crypto Jobs Sites

The cryptocurrency and blockchain job market has exploded. With new blockchain start-ups and projects being founded at...

What’s the future of decentralized blockchains?

When Bitcoin was new and not valued at anything or just a few cents anyone could join...

My 5 favorite free crypto tools & sites I use daily

So I often get asked by friends, or people visiting my site about new tips for exciting...
- Advertisement -Blockchain Startup ArabianChain Nets $817k from New Investor

Cryptocurrency is The Last Kingdom Where You Can Keep Your Data Private

Data privacy has been a hot topic for quite some time now and particularly after the popularity...

How To Travel With Bitcoin: 9 Travel Companies Accepting Bitcoin

Bitcoin travel is a reality, as several travel companies now accept payments in cryptocurrencies for their services.

Must read

Buy VPS With Bitcoin: The Top 10 List

In this article, we list the Best...

5 of the Best Crypto Jobs Sites

The cryptocurrency and blockchain job market has...
- Advertisement -

You might also likeRELATED
Recommended to you